The principal objective of the consultation paper is to explore options for reducing the cost of pension provision for residents as well as creating opportunities to allow them to manage their own pension investment.

Currently retirement annuity schemes, retirement annuity trust schemes, and employee contributions occupational pension schemes provide the only means by which islanders can make tax-efficient savings to provision for their retirement. However, such schemes can be expensive to run and offer little flexibility to islanders wanting to make their own investment decisions over their pension fund.

The GFSC has therefore decided to consult on potential changes that could be made to the pension rules to reduce the costs and open up opportunities for the development of self-invest pensions without any reduction in the protection available to members.

The Commission is encouraging members of the public and pension providers to respond to a questionnaire after which a working group of pension practitioners and GFSC staff will set up to consider the principal themes and proposals emerging from the consultation.

William Mason, Director General of the Commission, said: "I very much hope that Guernsey consumers will welcome the Commission's efforts in this area to simplify regulation and improve the value for money of pensions. I would encourage as many people as possible to respond to the consultation rather than regarding it as merely a technical consultation for industry experts."

Important Notice: Wolters Kluwer (BSI) Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.

The Lowtax brand is owned and operated by Wolters Kluwer (BSI) Limited.